EFTA Document EFTA01452591

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation While the pace will differ between firms, we expect a strong pace of realizations over 2014-15 to generate strong sequential growth in distributable earnings for the Alts, a substantial positive catalyst for the stocks as this builds in 2014. As a refresher, the steps highlighted below outline the different parts of the private equity cycle as it relates to the GPs (the Alt firms). Fund assets raised